Ukraine war alters mineral market dynamics

Significance

Russia remains an important producer of precious, ferrous and non-ferrous metals, as well as fertiliser feedstock, where the market had already been affected by the sanctions imposed on Belarus. Russia also controls significant flows of nuclear fuel through its key role in conversion and enrichment services.

Impacts

• Tightening the alumina market, Russian-owned aluminium smelters located in other countries face shortages due to supplier boycotts.
• Australia has discontinued bauxite exports to Russia to try to hinder its efforts to produce aluminium.
• Tightening many minerals markets, Finnish ports have stopped servicing mineral exports from Russia’s Kola Peninsula and Karelia regions.